Bill > HB297

This bill makes several changes to Delaware law concerning estates and property, primarily focusing on how trusts and other fiduciary arrangements are managed. It clarifies that when two or more individuals (cofiduciaries or co-nonfiduciaries) are responsible for a trust or similar fund, their powers must generally be exercised jointly, with a majority decision required for groups of three or more, and dissenting members are protected from liability if they document their dissent. The bill also expands the definition of "officeholder" to include individuals who can remove or appoint fiduciaries and clarifies procedures for appointing successor officeholders when a vacancy occurs, including allowing beneficiaries to make these appointments without court approval in certain situations. Additionally, it modifies rules regarding the merger of trusts, allowing trustees more flexibility in selecting which governing instrument will control the merged trust, and adjusts provisions related to beneficiary well-being trusts, giving advisers more direct roles in program provision and payment. Finally, it makes a technical correction to a section concerning powers of appointment and tax implications.

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https://legis.delaware.gov/BillDetail?LegislationId=142882